Green Power loses Pasco biofuels plant to creditors

I met James Osterloh back in the day when I was visiting the GPI plant. I'm going to try and talk to him to ask what his plans are regarding all the hardware that was installed, and what his thoughts are regarding the technology at this point.

: An unfinished biofuels plant at the Port of Pasco was auctioned off to creditors.

: Panda Holding received the former Green Power facility at the recent auction after foreclosing on its liens against the company’s personal property.

: Panda Holding was created by Jose Gonzalez, owner of American Electric of Richland, and James Osterloh of West Richland, who was Green Power’s former chief engineer and owner of Concrete Structures.

: American Electric said Green Power owed more than $1 million for electrical work on the unfinished Pasco plant. And Osterloh says he’s owed $4.4 million, including interest.

: Their bid of $2.5 million was the sole bid. They’re going to try to use the plant and other personal property to get back what they are owed.

: David Gardner, Panda Holding’s Spokane attorney, said in court documents the company did not receive any other qualified bids. There was one unqualified, late bid.

: Among the assets sold was the plant, called a full-scale catalytic depolymerization plant, a lab-scale version of the plant, two mobile versions of the plant and equipment, according to court documents.

: The unfinished plant was stalled for more than six years after the state Department of Ecology shut down construction because the company lacked the necessary air quality permits.

: Green Power founder Michael Spitzauer was federally indicted on allegations of wire and bank fraud, aggravated identity theft, money laundering, tax evasion and lying on a federal tax return. He has been in jail since December.

: Altogether, Green Power and Spitzauer owe about $36 million, including interest, to about 40 creditors, according to court documents. Most creditors do not have liens securing their debt.

: Spitzauer is accused of defrauding seven victims of an estimated $7.6 million. His trial is currently set to start April 13.